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According to a research report released by Markets and Markets, an international market research institution, the global offshore wind power market will reach US$31.
8 billion in 2021, and with the continuous innovation of technology and the continuous decline in costs, this data is expected to increase to US$56.
8 billion by 2026, with a compound annual growth rate of 12.
3%.
Offshore wind is becoming increasingly cost-competitive in recent years, alongside onshore wind as an important pillar
in the energy mix of regions such as Europe, Asia Pacific and North America to achieve climate neutrality.
By component, the turbine segment will dominate the wind power market during the
forecast period.
Turbines accounted for the largest share of the offshore wind market in 2020 and are expected to continue this trend
during the forecast period.
According to the installation location, shallow water will dominate
.
Due to better weather conditions, it is often cost-effective to develop wind power in shallow water, so shallow water occupies more market share
in this segment.
But as technology advances and transition to strong wind conditions present in seas and deep seas, more future projects are planned for deeper waters
.
On the other hand, under the electrical infrastructure segment, substations and wire and cable as two major submarkets will witness strong growth
during the forecast period.
The substation market is witnessing strong growth
due to the increasing demand for offshore wind power and connecting the electricity generated from this offshore wind to the main grid to distribute energy to end users.
From the perspective of the regional market, the demand for electricity in the region is strong
due to rapid urbanization and industrialization.
With the shift to decarbonization and sustainability, there is a strong demand for renewable energy
.
Governments in the region are increasingly opening their doors
to the development and installation of offshore wind.
Technological advances and clean energy consumption will further drive wind power deployment and open up opportunities
for emerging markets in the Asia-Pacific region.
For example, countries and regions such as China, Japan, South Korea, Taiwan, India and others are accelerating the installation of offshore wind power to achieve energy mix diversification and carbon emission reduction targets, in addition, favorable support programs, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investment will attract investors into the wind power industry
.
According to a research report released by Markets and Markets, an international market research institution, the global offshore wind power market will reach US$31.
8 billion in 2021, and with the continuous innovation of technology and the continuous decline in costs, this data is expected to increase to US$56.
8 billion by 2026, with a compound annual growth rate of 12.
3%.
Offshore wind is becoming increasingly cost-competitive in recent years, alongside onshore wind as an important pillar
in the energy mix of regions such as Europe, Asia Pacific and North America to achieve climate neutrality.
By component, the turbine segment will dominate the wind power market during the
forecast period.
Turbines accounted for the largest share of the offshore wind market in 2020 and are expected to continue this trend
during the forecast period.
According to the installation location, shallow water will dominate
.
Due to better weather conditions, it is often cost-effective to develop wind power in shallow water, so shallow water occupies more market share
in this segment.
But as technology advances and transition to strong wind conditions present in seas and deep seas, more future projects are planned for deeper waters
.
On the other hand, under the electrical infrastructure segment, substations and wire and cable as two major submarkets will witness strong growth
during the forecast period.
The substation market is witnessing strong growth
due to the increasing demand for offshore wind power and connecting the electricity generated from this offshore wind to the main grid to distribute energy to end users.
From the perspective of the regional market, the demand for electricity in the region is strong
due to rapid urbanization and industrialization.
With the shift to decarbonization and sustainability, there is a strong demand for renewable energy
.
Governments in the region are increasingly opening their doors
to the development and installation of offshore wind.
Technological advances and clean energy consumption will further drive wind power deployment and open up opportunities
for emerging markets in the Asia-Pacific region.
For example, countries and regions such as China, Japan, South Korea, Taiwan, India and others are accelerating the installation of offshore wind power to achieve energy mix diversification and carbon emission reduction targets, in addition, favorable support programs, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investment will attract investors into the wind power industry
.
